RSP Permian, Inc. (RSPP) Given Buy Rating at Royal Bank of Canada
RSP Permian, Inc. (NYSE:RSPP)‘s stock had its “buy” rating reaffirmed by Royal Bank of Canada in a report released on Friday, May 12th. They presently have a $55.00 price objective on the oil and natural gas company’s stock. Royal Bank of Canada’s price target suggests a potential upside of 80.39% from the stock’s previous close.
RSPP has been the topic of several other reports. Scotiabank set a $54.00 target price on RSP Permian and gave the stock a “buy” rating in a research note on Tuesday, February 28th. Zacks Investment Research downgraded RSP Permian from a “buy” rating to a “hold” rating in a research note on Saturday, April 8th. BMO Capital Markets restated a “buy” rating and set a $50.00 target price on shares of RSP Permian in a research note on Wednesday, April 12th. Deutsche Bank AG dropped their target price on RSP Permian to $52.00 and set a “buy” rating on the stock in a research note on Tuesday, March 7th. Finally, FBR & Co restated an “outperform” rating and set a $44.00 target price (down from $51.00) on shares of RSP Permian in a research note on Thursday, May 4th. Two equities research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $48.76.
RSP Permian (RSPP) traded down 2.53% during midday trading on Friday, reaching $30.49. The company’s stock had a trading volume of 4,316,243 shares. The firm has a 50 day moving average price of $37.54 and a 200-day moving average price of $40.67. RSP Permian has a 12-month low of $30.18 and a 12-month high of $46.92. The company has a market cap of $4.84 billion, a P/E ratio of 118.64 and a beta of 2.11.
RSP Permian (NYSE:RSPP) last announced its quarterly earnings results on Tuesday, May 2nd. The oil and natural gas company reported $0.16 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.14 by $0.02. RSP Permian had a return on equity of 1.18% and a net margin of 6.73%. The business had revenue of $169.93 million for the quarter, compared to the consensus estimate of $159.81 million. On average, equities research analysts predict that RSP Permian will post $0.98 earnings per share for the current fiscal year.
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In related news, CEO Steven D. Gray acquired 15,000 shares of the firm’s stock in a transaction dated Thursday, June 1st. The stock was acquired at an average price of $36.19 per share, with a total value of $542,850.00. Following the acquisition, the chief executive officer now directly owns 301,688 shares in the company, valued at approximately $10,918,088.72. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP James E. Mutrie sold 11,000 shares of the company’s stock in a transaction dated Friday, May 5th. The stock was sold at an average price of $39.08, for a total value of $429,880.00. Following the completion of the transaction, the vice president now directly owns 51,627 shares of the company’s stock, valued at approximately $2,017,583.16. The disclosure for this sale can be found here. In the last three months, insiders sold 17,397,000 shares of company stock valued at $674,652,100. Insiders own 23.50% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Peregrine Capital Management LLC acquired a new position in RSP Permian during the third quarter worth $9,326,000. State of Wisconsin Investment Board boosted its position in RSP Permian by 5.3% in the third quarter. State of Wisconsin Investment Board now owns 532,431 shares of the oil and natural gas company’s stock worth $20,648,000 after buying an additional 27,000 shares during the last quarter. Channing Capital Management LLC boosted its position in RSP Permian by 0.3% in the third quarter. Channing Capital Management LLC now owns 1,114,616 shares of the oil and natural gas company’s stock worth $43,225,000 after buying an additional 3,003 shares during the last quarter. Quantbot Technologies LP boosted its position in RSP Permian by 125.4% in the third quarter. Quantbot Technologies LP now owns 28,478 shares of the oil and natural gas company’s stock worth $1,104,000 after buying an additional 15,846 shares during the last quarter. Finally, BlackRock Fund Advisors boosted its position in RSP Permian by 7.9% in the third quarter. BlackRock Fund Advisors now owns 2,139,561 shares of the oil and natural gas company’s stock worth $82,972,000 after buying an additional 157,233 shares during the last quarter. 77.62% of the stock is owned by institutional investors.
About RSP Permian
RSP Permian, Inc is an independent oil and natural gas company. The Company is engaged in the acquisition, exploration, development and production of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin of West Texas. The Company’s properties are located on contiguous acreage blocks in the Midland Basin, and the Delaware Basin, both sub-basins of the Permian Basin.
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